Leopald Kaufman Acquires Retail/Future Development Site In Ridgewood, Queens For $9.3M
SOLD
$9,300,000
New York
See Similar DealsRetail15,000 SF
Sold 10/29/2019
SOLD
Leopald Kaufman Acquires Retail/Future Development Site In Ridgewood, Queens For $9.3M
56-42 Myrtle Ave #40, Flushing, NY 11385, USA
See Similar DealsRetail15,000 SF
Sold 10/29/2019
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$620
Total Square Footage:15,000 SF
Transaction Type:Sale
A retail property and future development site located at 56-40/56-42 Myrtle Avenue and 17-11 Hancock Street in Ridgewood, Queens has been sold in a closed transaction. The property spans 15,000 square feet and was sold for a sale price of $9,300,000. The property was listed with an asking price of $10,000,000, resulting in a price per square foot of $620.
Summary of transaction details
- Property Type: Retail/Future Development Site
- Sale Price: $9,300,000
- Square Footage: 15,000
- Asking Price: $10,000,000
- Price Per Square Foot: $620
- Market: Ridgewood, Queens
The seller of the property was Steven Mizrahi, while the buyer was Leopald Kaufman. The deal was facilitated by Ariel Property Advisors, with Sean R. Kelly Esq., Alexander Taic, and David Khukhashvilli representing the parties involved.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$496,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$33,040.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$44,086.74
Annual Debt Service$529,040.94
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